Also, you should normally keep records relating to your business assets until at least three years after you sell or otherwise dispose of the property.

Examples of these assets include building, machinery, equipment, and office furniture or fixtures purchased and used in your business.

You need these records to determine the annual depreciation in gain or loss when you sell the assets.

For more information about record keeping, check out IRS publication 552, Recordkeeping for Individuals, publication 583, Starting a Business and Keeping Records, and publication 463, Travel, Entertainment, Gift, and Car Expenses.

These publications are available on our Website at www.irs.gov.

Also available is a new audio file explaining record-keeping requirements in detail, located on our IRS video portal at www.irsvideos.gov.